Loading ...
Friday, April 19, 2024
UAE: Gold prices rise amid growing Middle East tensions
By Vijay Valecha in 'Century in News'
__930372651.jpg)
Spot gold was trading at $2,384.14 per ounce at 9.25 am UAE time, up 0.17 per cent
Vijay Valecha, Khaleej Times, April 19, 2024
Gold prices inched higher in the UAE on Friday morning as geopolitical tension in the Middle East rose after explosions in Israel.
The Dubai Jewellery Group data showed 24K trading at Dh288.5 per gram at the opening of the markets on Friday, as compared to Dh288.25 per gram at the close of the markets on Thursday. While 22K, 21K and 18K were trading at Dh267.25, Dh258.75 and Dh221.75 per gram, respectively.
Spot gold was trading at $2,384.14 per ounce at 9.25 am UAE time, up 0.17 per cent.
On Friday, gold prices rose amidst fears of a wider regional conflict after explosions in Israel. Iran shot down three drones over the city of Isfahan as Israeli drones reportedly an Iranian site.
“This trend outweighed the impact of sustained high US interest rates... Additionally, the gold market is closely monitoring upcoming key US economic indicators, including Unemployment Claims, the Philly Fed Manufacturing Index, Existing Home Sales, and remarks from FOMC members, which could offer further insights into the Federal Reserve's interest rate trajectory,” he said.
From a technical standpoint, he said, gold is currently trading above its pivot point, indicating a bullish trend.
“Gold prices are forming an upward channel and consistently displaying bullish candles above this moving average. On the downside, immediate support is seen at $2,362, followed by $2,355,” he said.
Source
__2068846024.jpg)
__1462972547.jpg)
Regulated by SCA
Century Financial Consultancy LLC
Reach us:
-
Dubai
6th Floor, Building 4, Emaar Square,
Downtown Dubai, P.O. Box 65777,
Dubai, United Arab Emirates -
Abu Dhabi
Office 3014, 30th Floor
Tamouh Tower, Building 12, Marina Square,
Al Reem Island, Abu Dhabi - +971 (4) 356 2800
- info@century.ae
Disclaimer: Trading in financial products carries risk. Trading in leveraged Over-The-Counter (OTC) Derivative products (including Contracts for Difference (CFDs) and spot foreign exchange contracts) involves a significant risk of loss which can exceed deposits and may not be suitable for all investors. OTC Derivative products / CFDs are complex financial instruments that do not confer any claim or right to the underlying financial instrument. Transactions in these instruments are very risky, and you should trade only with the capital you can afford to lose. Before deciding to trade on these products, you should consider your investment objectives, risk tolerance and your level of experience. Accordingly, you should ensure that you understand the risks involved and seek independent advice from professionals, if necessary.
Century Financial Consultancy LLC (CFC) is duly licensed and regulated by the Securities and Commodities Authority of UAE (SCA) under license numbers 20200000028 and, 20200000081 to practice the activities of Trading broker in the international markets, Trading broker of the OTC derivatives and currencies in the spot market, Introduction, Financial Consultation and Financial Analysis, and Promotion. CFC is a Limited Liability Company incorporated under the laws of UAE and registered with the Department of Economic Development of Dubai (registration number 768189). CFC has its registered office at 601, Level 6, Building no. 4, Emaar Square, Downtown, Dubai, UAE, PO Box 65777.
Any content available on our website is presented solely to provide information and educate visitors. Under no circumstances is any of this content meant to be construed as an offer, recommendation, advice, or solicitation to buy or sell securities or other financial products.
This website's information is not intended for use by anybody residing outside UAE or where such use would violate local laws or regulations.
